Legal Document Updates in English (16/2013)

INCREASE IMPORT TAX RATE FOR OILS TO 16%
 

This is new action of the Ministry of Finance at the Circular No. 47/2013/TT-BTC dated April 26, 2013 of the Ministry of Finance amending, supplementing the preferential import tax for some commodities in the heading 2710 in the Preferential Export and Import Tariff.

In particular, only after 01 week of application with the import tax rate of 14% with Motor spirit including RON 90 and other oils in accordance with the Circular No. 43/2013/TT-BTC dated April 18, 2013 at this Circular, the Ministry of Finance decides to increase this tax rate to 16% from April 26, 2013.

INCREASE 10% FOR EXPORT TARIFF OF MINERALS
 

This is the new regulations prescribed at the Circular No. 44/2013/TT-BTC dated 44/2013/TT-BTC dated April 25, 2013 of the Ministry amending export tax rates for some commodities of minerals in the export tariff.

Accordingly, from June 09, 2013, the export tax for minerals will have flat increase by 10% (from 30% to 40%), including: Apatite ores (excluding of fine-grained kind with small size

MUST REPORT TO THE STATE BANK FOR THE TRANSACTION OVER VND 300 MILLION
 

On April 18, 2013, the Prime Minister signed the Decision No. 20/2013/QD-TTg promulgating the level of high value transaction must make reports.

Accordingly, in order to ensure the protection works in money laundering, the Prime Minister regulates that financial organizations, organizations, individual in non-finance businesses shall be responsible for reporting to the State Bank for level of high value transactions subject to report is VND 300,000,000 (three hundred million)

The organizations and individuals that are doing business in the relevant non-financial sector are the organizations and

MEDIUM AND SMALL ENTERPRISE DEVELOPMENT FUND MUST NOT EXCEED
VND 30 BILLION PER PROJECT
 

This is the directive of the Government at the Decision No. 601/QD-TTg dated April 17, 2013 on establishing medium and small enterprise development fund.

At this Decision, The Prime Minister regulates to establish the Medium and Small Enterprise Development Fund (hereinafter called Fund) to support medium and small enterprises that have feasible business plans encouraged by the State with the total amount of VND 2,000 billion and conformable with the purposes of the Fund in order to improve the competitiveness of enterprise and contribute to the increase of incomes and employment creation.

Accordingly, the Prime Minister regulates the loan’s level, loan’s term and loan’s rate. The maximum loan given to each business plan is 70% of its total investment (not including working capital), and shall not exceed 30 billion VND. The loan term depends on the ability to recoup capital, the solvency of the debtor, and the specific

THE MINIMUM CAPITAL REQUIRED ESTABLISHING AIRLINE AIR TRANSPORTATION BUSINESS
IS 300 BILLION VND
 

On April 08, 2013, the Government issued the Decree No. 30/2013/ND-CP on air transportation and general air operation.

This Decree regulates detailed regulations on capital’s conditions. The minimum capital required to establish and maintain airline air transportation business: operating up to 10 aircrafts: 700 billion VND for airlines with international transportation operation; 300 billion VND for the airlines only operating domestic air transportation; operating from 11 – 30 aircrafts: 1.000 billion VND for the airlines operating international transportation; 600 billion VND for the airlines only operating domestic air transportation; operating over 30 aircrafts: 1.300 billion VND for the airlines operating international transportation; 700 billion VND for the airlines only operating domestic air transportation.

At the same time, the Decree also regulates that the minimum capital to establish the airline of general air operation for commercial purposes: 100 billion VND.

ISSUING THE LIST OF SOFTWARE, HARDWARE AND ELECTRONIC PRODUCTS
 

On April 08, 2013, the Ministry of Information and Communications issued the Circular No. 09/2013/TT-BTTTT issuing the list of software, hardware and electronic products.

According to this List, Software products includes System Software (Operating System Software, Network Software,  Database Management Software,  Embedded software, Other system software), Application Software (General Business Productivity Applications, Cross-Industry Application Software, Vertical Market Application Software, Home Use Applications, Other application software); Tool software (Programming software, Testing software, Translation software, Software supporting programming

USING TOXIC CHEMICALS MUST REGISTER IN WRITTEN FORM
 

On April 22, 2013, the Ministry of Industry and Trade issued the Circular No. 07/2013/TT-BCT on the registration of using toxic chemicals to produce products, goods in the industrial sector.

At this Circular, the Ministry of Industry and Trade regulates that organizations, individuals using toxic chemicals must register for use in writing to the Department of Industry and Trade within 15 working days before starting the use. Organizations and individuals must re-register for using toxic chemicals with the Department of Industry and Trade within 15 working days after transferring the ownership, changing the operating place or after changing the purpose of using.